Idea makes open offer to Spice shareholders

Mumbai, June 30 (IANS) Aditya Birla group telecom company Idea Cellular has made an open offer to shareholders of Spice Communications, in which it had bought a controlling interest last week. The offer will open on August 22 and will close on September 1. In a regulatory intimation Monday, Idea Cellular said Lazard India on its behalf, along with TMI India Ltd, TMI Mauritius Ltd, TM International Berhad, and Green Acre Agro Services - persons acting in concert or PACs, has issued a public announcement to Spice shareholders.

Accordingly, the company and PACs are offering up to 137.98 million equity shares of a face value of Rs.10 each, representing in aggregate 20 percent of Spice’s paid-up capital, at Rs.77.30 per share.

Idea said it would spend up to Rs.37.9 billion ($886.5 million) and issue new shares following its acquisition of the controlling interest in Spice through a cash and share deal.